“That in itself is not a strong IPO story,” Lai said. Ninja Van needs “to show that we are a viable profit machine,” he said.
Logistics provider Ninja Van has put plans for a stock market debut on the back burner, the latest sign of tech start-ups’ struggles with falling valuations across the industry.
The Alibaba Group Holding-backed delivery company is focusing on improving its profitability before going ahead with an initial public offering, chief executive officer Lai Chang Wen told reporters in Singapore on March 18. The company expects to reach positive earnings before interest, taxes, depreciation and amortization in 12 months, he said.
